10th Mar 2014 12:14
LONDON (Alliance News) - Roxi Petroleum PLC Monday said it has drawn down a further USD7 million from its USD40 million equity commitment with Chief Financial Officer Kairat Satylganov, money it will use to continue its drilling campaign at the BNG Contract Area in Kazakhstan.
The oil and gas company said the decision takes the total amount drawn down from the facility to USD24.5 million.
The company will issue 58.7 million shares at 7.41 pence each to Satylganov in return for the latest drawdown, meaning he now has 205.3 million shares, or a 24.5% stake in the company.
Roxi petroleum shares were down 5.3% to 4.50 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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